A hydraulically activated anchor is designed to hold the compression and tension by moving the tubing string in the well. The tubing anchor is designed with a heated steel alloy to hold maximum power in tension and compression. The holding capacity of the anchor is examined by a hydraulic the jack which is placed below the tubing anchor. The catcher in the tubing anchor avoids action of the tubing anchor during pumping strokes and holds it stationary from the moving apart. The tubing anchor is operated by applying pressure to the tubing. Additionally, the hydraulic tubing anchor is used to increase efficiency of the pump, reduces the size of rod and hold tubing rods from falling into the well.
Factors driving growth of the hydraulic tubing anchor market
An increase in extraction of oil and gas resources is one of the major factors driving the growth of the hydraulic tubing anchor market. The production of high quality oil and gas resources requires proper drilling solutions. These tubing anchors are easy to install and can exact oil from the wells easily which is expected to facilitate growth of the market over the forecast period. Companies are installing these hydraulic tubing anchors due to their strong holding capabilities and low power consumption which ultimately increases the pump efficiency. The major application of these hydraulic tubing anchors is in drilling for oil, mining and others.
For instance, D&L Oil Tool, a U.S based company, provides the ASI-X ANCHOR for treating, drilling, infecting, and pumping and also in flowing wells. The double slip design of the ASIX-ANCHOR allows the tubing anchor to be left in compression or tension based on the application. In November 2017, D&L Oil Tools Company launched Trilobite Anchors with three heat-treated steel alloy slips which provide strong holding in tension and compression.
Regional analysis of hydraulic tubing anchor market
On the basis of the region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America is expected to account for the largest market share over the forecast period owing to presence of key players in the region such as D&L Oil Tools, Peak Completion Technologies, Inc., and Oilenco Limited. The growth of the global hydraulic tubing anchor market due to an increasing number drilling activities in exploration and production activities of oil and shale reserves.
Various companies are using these tubing anchors for drilling oil which is driving the growth of this market. According to a report published by the Energy Information Administration (EIA) in December 2019, the U.S. oil production reached 9.97 million barrels per day in December 2017 and 12.04 million barrels per day in December 2018.
Additionally, the production of natural gas in U.S reached 97.59 billion cubic feet per day in December 2017 and 108.56 billion cubic feet per day in December 2018.
Key players in the hydraulic tubing anchor market
Key players operating in the hydraulic tubing anchor market include D&L Oil Tools, Peak Completion Technologies, Inc., Don-Nan, Rubicon, Black Dog, Dongying Kangya Petroleum Equipment Co., Ltd., Wise Channel Industries Limited, and Tianjin Soright Technology Development Co., Ltd.
Segmentation of the hydraulic tubing anchor market
Hydraulic tubing anchor market is segmented on the basis of type, application, and region.